Sensex, Nifty fall on earnings disappointment, global cues – Times of India

New Delhi: BSE benchmark hit by IT stocks and weak quarterly results Sensex On Friday, it closed at 66,684, down over 800 points.
Similarly, smelly also fell 234 points to close at 19,745.
The decline in Sensex and Nifty came after six consecutive sessions of gains in which both the Indian indices had hit fresh record highs. On Thursday, the Sensex had closed at its new all-time high of 67,571.90, up 474.46 points or 0.71 per cent.
One of the main reasons behind Friday’s fall was the reduction in guidance by IT major Infosys. IT sector witnessed a massive decline of 4.09%, mainly driven by InfosysWhich faced a significant loss of over 8%, which had a negative impact on the overall market sentiment.
Following the release of its first quarter figures, Hindustan Unilever Significant deceleration was also observed. Hindustan Unilever lost 3.67% after it failed to meet June-quarter profit expectations due to higher costs.
Additionally, index heavyweight Reliance Industries declined 3.10% ahead of June quarter results, which were scheduled to be released after market hours on Friday.
On a positive note, Larsen & Toubro performed well, gaining 3.88% and hitting a new record high after bagging construction orders worth Rs 70 billion. The company also plans to consider a proposal for buyback of equity shares and payment of special dividend. Additionally, after announcing higher profit in June-quarter, Union Bank of India saw a significant jump of nearly 4%, resulting in a 0.25% rise among public sector banks.
The record-breaking rally of the past few days had helped the Sensex rally over 10,000 points from the year’s low of 57,527 seen on March 24.
Market participants said that strong buying by foreign funds, good progress of monsoon, stable currency, proactive measures by RBI which is successfully keeping inflation under control, all together have propelled the index to new highs on a regular basis.
Shares in India as well as other Asia declined after an overnight weakness on Wall Street, as weak earnings from Tesla and Netflix and concerns over prolonged high interest rate regime in the US weighed on sentiment.
(with inputs from agencies)